The cost of gas in Europe fell below the level of $600 per thousand cubic meters for the first time since the end of August 2021, against the background of a warm winter and the temperature norm approaching optimal values. The contract with the delivery «a day ahead» at the TTF hub in the Netherlands dropped to $590 per thousand cubic meters. February futures – up to $615. Analysts note that the warm weather in October, November and January, as well as cost-saving measures, have led to the fact that at the moment the level of gas reserves in underground gas storage facilities (UGS) is the highest in the history of observations. And this strengthens the confidence of the authorities in the safe passage of winter. According to Gas Infrastructure Europe (GIE) data from January 15, Europe's UGS are 81.49% full. In addition, gas quotes are affected by high wind power generation rates. At the same time, Asian quotes remain significantly higher than European ones. In particular, the February futures on the JKM Platts index (Japan Korea Marker, reflecting the spot market value of goods shipped to Japan, South Korea, China and Taiwan) is located at $957. Recall that on December 19, 2022, the EU countries agreed on a ceiling of gas prices in the amount of 180 euros per 1 MWh, (or $ 1975 per 1000 cubic meters). This price limit will take effect from February 15. The ceiling will be activated if the price of gas for TTF exceeds the agreed mark, and the spread to the price of liquefied natural gas in the EU will be more than 35 euros per 1 MWh. It is worth noting that the price ceiling will not apply to over-the-counter transactions.
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